The vision of Governor UDOM Emmanuel to make Akwa Ibom state economically viable is seeing the light of day, as the completion agenda has been given a huge boost, with the launch of the Ibom Fadama microfinance bank.
It is clear that Governor Udom Emmanuel understands that Agro-Preneurs need access to capital for business investments and expansion. In solving this problem, he has enabled the IbomFadama Microfinance Bank, a financial institution that will cater to farmers as well as the needs of micro, small and medium enterprises, boost the investment drive of the citizens and strengthen the private sector economy.
It is a new dawn in the business ecosystem of AkwaIbom state as the Ibom Fadama microfinance bank will provide solutions to entrepreneurs, farmers and individuals doing business at the lowest level of the society.
The 7 years of Governor Udom Emmanuel’s administration has seen young Ibomites going into the agro-allied businesses, especially farming as well as local and global trade engagements within the MSME sector.
Clearly, Akwa Ibom farmers now have access to funds for the production of agricultural products. This will have a spiral effect on food security and will also boost commerce in the state.
As a microfinance bank, the institution will provide investment opportunities to individuals, salary earners and organizations by way of deposit and loan products, catering to the financial needs of workers and institutions.
Governor Udom Emmanuel deserves commendation for his commitment to changing the business narrative and continuous support to the entrepreneurship sector in Akwa Ibom state. The IFMF is a game-changer that will play an important role in providing credit facilities for start-ups and individuals. When passion and vision meets entrepreneurial education and funding, the result is success. In a few years, the grand effects of this synergy between the government and the business class will reflect massively on the economy of the state.
Imagine Akwa Ibomites becoming huge exporters of products from their businesses funded by IbomFadama microfinance bank, imagine the revolution that will take place in the Agric sector with tens of thousands of farmers producing food from their farms funded by IFMF. This self-sufficiency in food production will result in a reduction in the prices of food items in the state making food affordable to all. Imagine a salary earner being able to access low-interest loans at critical times.
The economy of any state cannot move without the production of goods and services. An economy that relies on the importation of all essential items and services will continue to be in the doldrums, this is why the IFMF idea and establishment is very apt at this point in our history given the diversification policy of our economy from crude oil and dependence of federal allocations. Akwa Ibom entrepreneurs, farmers, businessmen and women, companies and corporate organizations should key into this vision of Governor Udom Emmanuel and do business with the IbomFadama Microfinance bank.
As we look towards the future of Akwa Ibom state we can see only hope, economic prosperity, peace and progress in an industrialized society.